Based on the latest report of ABI Research, a global tech market advisory firm, the COVID-19 pandemic is driving significant growth in the use of enterprise video for communications. It forecasts the video communications market to generate $18.7 billion in 2020.
According to the firm, technology advancements and benefits offered by enterprise video solutions will continue to drive the market in the years to come.
“As the market continues to grow, video solution providers need to support efficient features for video searching tracking, video metrics, and meaningful analytics,” said Khin Sandi Lynn, Industry Analyst at ABI Research. “The capability to integrate analytical solutions into marketing automation and customer relationship management systems will also be beneficial to businesses and organizations.”
ABI Research said that video enables significant cost saving and business efficiency for all businesses, regardless of size. Companies have saved multi-millions of dollars in travel expenses by deploying video for corporate communications and corporate training.
The firm also mentioned that enterprise video deployments are increasingly implemented on the cloud, “shortening the deployment time, and reducing costs since cloud-based solutions do not need a substantial CAPEX on hardware and software.” Low latency video streaming solutions allows live streaming of corporate events to both internal and external viewers.
“Cloud-based solutions are also highly scalable, providing flexibility to upgrade or downgrade the size of the deployment, as necessary,” Lynn said. “The expansion of fiber optic broadband networks and ongoing 5G network infrastructure will improve the content delivery process further and open more opportunities in enterprise video deployments.”
Augmented Reality (AR) and Virtual Reality (VR) based video applications are emerging solutions for corporate training and retail and marketing purposes. AR/VR technologies offer immersive and realistic experiences that are highly impactful in healthcare or industrial manufacturing training programs.
AR/VR technologies enable powerful marketing tools for promoting products and services in automotive, retail, tourism, and many other verticals. The availability of high capacity, low latency networks will create more opportunities for cloud-based AR/VR video applications in the enterprise segment.
“Artificial intelligent and Machine Learning technologies enable enterprise video applications to be more efficient,” Lynn said. “Facial and object recognition, scene detection, and speech to text capabilities are making video indexing and search functions easier, faster, and more accurate. AI-assisted content screening allows enterprises to make sure the videos are in-line with regulations. Such features are driving more enterprise video deployments across different industries.”